First cryptocurrency exchange passes Sharia certification

Manama, Feb. 26 (BNA): Rain, a Bahrain-based cryptocurrency exchange, has announced its successful graduation of the Central Bank of Bahrain’s (CBB) Regulatory Sandbox. It is the first cryptocurrency exchange to graduate the sandbox and is in the process of applying for the relevant licence. Rain announced that it has passed a Sharia-compliance certification. The Sharia compliance certification was completed by Shariyah Review Bureau ("SRB"). SRB is licensed by the Central Bank of Bahrain as a Sharia Advisory firm authorized to issue Sharia compliance certifications. SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and activities of Rain are in compliance with Sharia principles. Rain was founded in 2016.